UPI Payment Services Launch in Sri Lanka and Mauritius

12 Feb 2024

Context: 

India’s UPI payment services launched in Sri Lanka and Mauritius and RuPay card services in Mauritius.

Countries Accepting UPI: Bhutan (1st country), UAE (1st Gulf Country), Singapore, Nepal, Oman, France(1st European country), Sri Lanka, Mauritius.

Rupay Card Services in: Bhutan, Singapore, UAE , Nepal, Mauritius

About UPI Payment Services 

  • UPI is  an instant real-time payment system to facilitate multiple bank accounts into a single mobile application (of any participating bank), merging several banking features, seamless fund routing & merchant payments into one hood. 
  • Launched in : 2016
  • By: National Payment Corporation of India(NPCI).
  • UPI payment servicesUPI Achievement: 
    • UPI transactions have skyrocketed exceeding 10 billion and 
    • over 40% of Indian payments are now digital in which upi is leading the head.

About Rupay

  • RuPay is a global card payment network from India, with wide acceptance at shops, ATMs, and online. 
  • The name derived from the words ‘rupee’ and ‘payment’ emphasizes that it is India’s very own initiative for card payment. 
  • Launched in : It is a financial services and payment services system launched in 2012 and dedicated to the country in 2014.
  • By : National Payment Corporation of India(NPCI).

About NPCI

  • It is an umbrella organization for operating retail payments and settlement systems in India.
  • Initiative of : Reserve Bank of India (RBI) and Indian Banks’ Association (IBA) under the provisions of the Payment and Settlement Systems Act, 2007, for creating a robust Payment & Settlement Infrastructure in India. 
  • It is  a “Not for Profit” Company under the provisions of Section 25 of Companies Act 1956 (now Section 8 of Companies Act 2013).

Significance of launch UPI Payment Services Launch in Sri Lanka and Mauritius 

  • Enhance Cultural and people-to-people linkages with Sri Lanka and Mauritius.
  • Strengthen Bilateral Financial & Digital Connectivity.
  • It will enhance the development in the Global South.
  • Enhance fintech innovation based on mutual benefit.
  • Foster Faster and seamless digital transaction experience
  • Benefits for Tourists visiting the countries.
Also Read: New Policy Of UPI For NRIs

News Source: AIR

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